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Senior Contributor
Posts: 3,494
Registered: ‎05-25-2008
0

PFD vs GW??

Sorry for a (yet another) dumbo question ... but what defines the usage of one over the other?

I mean, doesn't sending a GW letter essentially say that "Yes, this debt is mine??"

I personally believe in FULLY paying debts -- you incurred them, it's only fair to pay what you owe. But doesn't claiming them put you in an awkward position vis a vis reporting? I thought that if you admit to owning one, regardless of whether you intend to pay it or not, you reset the tolling?

Again, sorry for yet another dumbo question!! :/

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Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Valued Contributor
Posts: 2,340
Registered: ‎04-08-2008
0

Re: PFD vs GW??

What is "reseting the tolling"???...if you make a payment..you are reseting SOL...when you GW...it's usually for a paid collection...or an account with lates or something...explaining you situation...and basically asking for forgiveness...and in return wanting the lates removed..or want the collection removed...a DV if more of a...show me thing...if a company says you owe them...all you are asking is proof of that...PFD...is when you know a debt is yours..and you agree to pay..but you would want the TL removed in exchange...it's a win win for both parties...you can easily not pay them anything...and wait for the TL to be removed...but if you pay them...they get their money...and you get the TL removed...all of this is legit...and people owning up to their debts...but also...being forgiven..and given a little help for that...
Senior Contributor
Posts: 3,494
Registered: ‎05-25-2008
0

Re: PFD vs GW??



slyhouse08 wrote:
What is "reseting the tolling"???...if you make a payment..you are reseting SOL...when you GW...it's usually for a paid collection...or an account with lates or something...explaining you situation...and basically asking for forgiveness...and in return wanting the lates removed..or want the collection removed...a DV if more of a...show me thing...if a company says you owe them...all you are asking is proof of that...PFD...is when you know a debt is yours..and you agree to pay..but you would want the TL removed in exchange...it's a win win for both parties...you can easily not pay them anything...and wait for the TL to be removed...but if you pay them...they get their money...and you get the TL removed...all of this is legit...and people owning up to their debts...but also...being forgiven..and given a little help for that...




By "resetting the tolling" I meant resetting the SoL. I've heard (and I don't know how much of it is true) that just admitting to a debt can reset the clock.

Does PFDing make the CAs mad? Is it better to just pay the thing and hope they'll respond to a GW?? I think that's what's got me the most confused (not that it takes much to confuse ME, LOL!) ...

I've heard a few debt collectors on another forum I frequent say that receiving a PFD really makes them mad and insulted ... but to me it seems that you're protecting your interests more if you PFD on the basis of not knowing if the debt is yours or not and just wanting the TL GONE.

(I really truly don't advocate stiffing a creditor in any way, shape or form -- I hope you know that!! I just don't see the point in doing something stupid that would reage the account and make life even harder than it HAS to be!!)

Did any of that make sense??? :/ Really and truly, please excuse my ignorance!! This is all REALLY confusing!!!! o_O

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Valued Contributor
Posts: 2,340
Registered: ‎04-08-2008
0

Re: PFD vs GW??

Admitting to the debt...does not reset the SOL...only making a payment does...because is changes the DOLA...and that's the thing that I get mad about...why to debt collectors have to stoop so low..as to lurk on to credit repair forums...that's probably why they don't answer DV's...because they can't get off myFICO...
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